Market reviews and recommendations of BCC Invest JSC (Kazakhstan) analysts for April 29, 2010

/IRBIS, April 29, 2010/ - BCC Invest JSC has provided IRBIS with a survey of main events, market reviews and investment ideas for April 29, 2010. Today JSC BCC Invest Analysts expected on the Kazakhstan stock market recovery after the fall of the previous days. The reason for the purchases could provide local oversold market and yesterday's positive closing trades in the U.S. after the Federal Reserve decision to leave the base interest rate at historically low levels even for some time. JSC "BCC Invest" recommends that investors start cautiously open positions in the stocks for the long term. JSC "BCC Invest" also notes the following important events in the Kazakhstan market: - April 28, 2010 in the trade system of KASE held repeated specialized trades on placement of government treasury bills of the Ministry of Finance of the Republic Kazahstan MEKKAM-12 106 issue. The volume of placement was 70 million bond in the amount of KZT6,877,821,199.99 (100% of plan), the yield to maturity - 1.8473% per annum. According to data of the Central Depository Securities, all deals on accommodation MEKKAM-12 issue 106 by the end of calculations based on trades executed. 18.1% of the total volume of placed bonds purchased by entities pension market, 79.7% - BWI, 2.3% customers of broker-dealers. Given a previous post, the full amount MEKKAM-12 production 106 (KZK1KY011065) totaled 234.4 million bond in the amount of par value KZT23,440,000,000.00. - National Bank will not charge and pay dividends on ordinary shares for the year 2009. This decision was made at the annual general meeting of shareholders on April 23, indicated in the dissemination of the bank. Meanwhile, the bank will send part of the net income of KZT4billion 493.8 million for the payment of dividends on preferred shares of the bank and preferred shares, convertible into common shares of the bank. Part of the net income for 2009 of KZT4billion 457.4million will be aimed at increasing the reserve funds of the bank. "The rest of the net income are not distributed and sent to the undistributed net income" - said in the report. Also Shareholders identified that LLP Deloitte as auditor organization that will implement an audit of JSC National Bank of Kazakhstan on reports of 2010 fiscal year. The meeting also decided to elect a new member of the board of directors of the bank - Mr. Kadyrjan Damitov an independent director - President of Kazakhstan Stock Exchange. As reported, the assets of the National Bank at the end of 2009 reached 2.023 trillion. m., an increase to 22.5% compared to the end of 2008. In this case the bank's liabilities increased by 19.3% to KZT1.742 trillion., own capital - a 47% to KZT280.9 billion, the share capital - in 2,2 times to KZT143.7 billion. In 2009 Bank concluded with a net profit of KZT15.9 billion, which is 9% more than in 2008. According to JSC "BCC Invest", the message is neutral for the quotations of ordinary shares and global depositary receipts (GDRs), since it corresponds to the expectations of most experts. Payment of dividends on preferred shares comply with the legislation of the Republic of Kazakhstan and was approximately 7.5% on the paper from the current market price, which is positive for holders of preferred shares. Analysts of JSC "BCC Invest" maintain the current recommendation of "sell" on ordinary shares and GDRs of the Bank with target prices of KZT330 per share and to $9.02 per GDR, respectively. Analysts JSC BCC Inves" also expect the following developments in international markets: - on the Russian market is expected to publish data on international reserves in U.S. dollars at the end of last week. At the opening of trading on Thursday, analysts of JSC "BCC Invest" is expect a rebound after yesterday's decline against the background of the closed positive on the eve of the American stock market. Rather, investors will buy up noticeably depreciating paper, despite the mixed dynamics in Asia at the moment. - on European markets today in Germany is expected to yield data on unemployment in April, which will form the basis of macroeconomic news in Europe. In addition to data on Germany's unemployment is also now expected to be published as the level of wages in Italy in March, growth in house prices in the UK in April, as well as indices of business climate, industrial, consumer and economic confidence in the euro area in April. - on the U.S.A. markets is expected next exit data as the primary applications for unemployment benefits for the week. Also today, will be published index overall economic activity of the Chicago Fed, which is expected to be negative level. Analysts of BCC Invest JSC are giving the following advice for investors in securities of issuers in internal market: ---------------------------------------------------------------------- Issuer Last price Target Predicted price, code price % Recom- mendation ----------------- ------- ---------- ------ ---------------- --------- Kazkommertsbank KKGB 595 695 +16.72 Hold KKGBp 260 347 +33.58 Hold Halyk Bank HSBK 341 330 -3.23 Sell Bank CenterCredit CCBN 690 777 +12.61 Hold Tsesnabank TSBN 940 737 -21.60 Cut KazMunaiGaz RDGZ 22,500 20,300 -9.78 Sell Kazakhmys PLC GB_KZMS 3,150 3,559 +12.98 Neutral ENRC PLC GB_ENRC 2,750 2,642 -3.93 Hold Kazakhtelekom KZTK 16,210 17,800 +9.81 Hold KZTKp 7,650 10,300 +34.64 Buy MREK MREK 910 800 -12.09 Cut ---------------------------------------------------------------------- The given material has exclusively information character and is not the offer or recommendation to make any transactions with the stocks. Agency Irbis doesn't take responsibility for the opinions which are in given material. [2010-04-29]